Given the following information for Lightning Power Co., find the WACC. Assume the company's tax rate is 21 percent. Debt: 12,000 bonds with a 4.6 percent coupon outstanding, $1,000 par value, 25 years to maturity, selling for 105 percent of par; the bonds make 2 semiannual payments. Common stock: 575,000 shares outstanding, selling for $81 per share; the beta is 1.04 . Preferred stock: 30,000 shares of 3.4 percent preferred stock outstanding, a $100 par value, currently selling for $94 per share. Market: 7 percent market risk premium and 3.2 percent risk-free rate. Input Area: \begin{tabular}{|lr|} \hline Tax rate & 21% \\ Debt & \\ Bonds outstanding & 12,000 \\ Settlement date & 1/1/2020 \\ Maturity date & 1/1/2045 \\ Annual coupon rate & 4.60% \\ Coupons per year & 2 \\ Bond price (\% of par) & 105 \\ Redemption (\% of par) & 100 \\ Par value (\$) & $1,000 \\ Common stock & \\ Shares outstanding & 1.04 \\ Beta & $81 \\ Share price & \\ Preferred stock outstanding & 30,000 \\ Shares outstanding & 3.40% \\ Coupon rate & $100 \\ Par value & $94 \\ Share price & \\ Market & 7.00% \\ Market risk premium & 3.20% \\ Risk-free rate & \end{tabular}